eyeDP has leveraged the power of AI as it aims to save companies millions from document fraud with the launch of its Intelligent Document Processing (IDP) platform.
The number of people affected by fraud across the world continues to increase, with companies feeling the majority of the impact. Document fraud, which involves bad actors altering critical papers to purposely deceive people or systems, is one of the most common types these businesses face.
Warren Russell, CEO and Founder of eyeDP, said: “As businesses worldwide struggle to keep up with evolving fraud tactics, eyeDP is setting a new standard for digital trust. eyeDP is the digital eye to an organisation´s documents providing AI-driven security, fraud prevention, compliance solutions and insights.”
At the heart of this platform are AI, machine learning and natural language processing. These features allow for real-time fraud detection and compliance automation, which Russell said aims to “empower businesses to stay ahead of fraudsters”.
However, not only are companies more at risk of fraud than ever, but fraud detection is becoming more difficult. This is due to the growing sophistication, which Logan Porter, Director of Solution Engineering at SEON, warned Payment Expert about during Money 20/20 Europe last year.
He explained that fraudsters now have access to cutting-edge technologies and often work in large networks rather than alone, which is a common misconception.
In addition to the risk of fraud, eyeDP has said that it also seeks to help companies that are wrestling with complex regulations, which can be particularly problematic for those operating in various markets, with each country having its own set of rules.
Russell added: “We’ve built eyeDP to empower businesses to stay ahead of fraudsters, protect sensitive data, and operate with confidence in an increasingly complex regulatory landscape.”
The company has already made progress towards eliminating document fraud, gaining traction from businesses from a range of industries. eyeDP’s list of clients includes BetComply, Crucial Compliance, Dialect, Gaming Operations Academy, Lighthouse Compliance and LukeARC.
Paul Foster, CEO of Crucial Compliance, stated: “Serving the regulated market, the manual processes currently used are slow, prone to human error, and costly. Partnering with eyeDP has made our proposition more compelling and keeps our customers satisfied.”
